Plantronics Q3 Worse Than Forecast; Outlook Even Uglier

By Eric Savitz

The company this afternoon posted revenue for its fiscal third quarter ended December of $182.8 million, a GAAP loss of $1.90 a share and a non-GAAP profit of 8 cents a share. Less than two weeks ago, the company had said it expected revenue of $184 million, a GAAP loss of 94 cents to $1.20 a share, and a non-GAAP profit of 11-12 cents a share.

Plantronics is having issues in most of its businesses. Overall, revenues were down 22.1%. Office and contact center products were down 22.4%. Office corded products were down 21%; office cordless products were down 24%. Bluetooth headset products were down 22%. Gaming and computer products were down 18%.

For Q4, the company sees revenue of $125 million to $135 million, well below the current Street consensus of $172.3 million. Plantronics expects a non-GAAP operating loss of $4 million to $10 million, and a GAAP loss of unspecified size. The Street has expected a profit of 13 cents a share.

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